Nu Holdings Ltd. (NYSE:NU) shares are trading lower Thursday after the company reported third-quarter financial results late Wednesday. Here’s what you need to know.

What To Know: Nu Holdings, a Brazilian digital bank backed by Warren Buffett, posted earnings of 11 cents per share, matching analyst expectations, according to Benzinga Pro. Revenue for the quarter was $2.94 billion, beating the expected $2.85 billion. The company’s top-line results were up from $2.14 billion in the same period last year.

In terms of customer growth, Nu Holdings added 5.2 million customers, bringing its global customer base up to 109.7 million as of Sept. 30. Nu’s customer base grew 23% year-over-year.

The company’s Monthly Average Revenue per Active Customer (ARPAC) rose to $11 in the third quarter, while the cost to serve each customer remained low at 70 cents.

「Our third quarter 2024 underscores the strength of our business model, demonstrating top-line growth and sustained profitability,」 said David Vélez, Nubank’s founder and CEO.

Following the report, multiple analysts adjusted price targets. Susquehanna analyst James Friedman raised his price target from $16 to $18, maintaining a Positive rating on the stock. Similarly, Keybanc analyst Alex Markgraff raised his target from $15 to $17, keeping an Overweight rating. Goldman Sachs also maintained a Buy rating and raised its target from $17 to $19.

NU Price Action: Nu Holdings shares were down 8.34% at $14.34 at the time of writing, according to Benzinga Pro.

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Image via Blog Nu Mexico.